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De Nederlandsche Bank is working on prototype block chain based DNBcoin

Mar

26

2016

De Nederlandsche Bank to develop a concrete prototype DNBcoin, based on the block chain technology. Whatever the precise plans are using the virtual currency is not yet clear. DNB supports the development among the targets for 2016.

The DNBcoin was by website Coindesk noted in the annual report by DNB. The document shows the objectives of the bank for 2016 and to create a prototype of the virtual currency is grouped under the heading ‘commitment to sustainability in the payment system.

The report gives no further information about the virtual currency. However, the bank writes that many expect in the long term of the block chain technology. Low cost, speed and transparency calls the bank and benefits.

With the prototype of the DNBcoin the bank probably wants itself further investigate the technology. Furthermore, the bank wrote in his report that block chain technology revenue models and systems of banks could damage, but they can also take advantage of it with new ways to generate revenue and reduce costs. The bank stressed that there should be investigated various issues, including risk management and the need for regulation.

Not only DNB experimenting with block chain technology. In England recently RSCoin by researchers proposed a bitcoinalternatief which should be managed by the Bank of England.

Recently, a large test was around the block chain technology completed , which was commissioned by a consortium of 42 banks. The outcome of that investigation was not disclosed, but gives them scale that the financial sector is serious about the technology.